IFC eyes petrochemical project at Sokhna: regional director

CAIRO – 7 December 2017: The International Finance Corporation (IFC) is considering a major petrochemical project at Ain Sokhna, Regional Director of IFC Mouayed Makhlouf told ON TV host Ayman Salah on Wednesday.

Makhlouf added that IFC is eying new investments in Egypt, particularly given the economic reform program currently applied by the Egyptian government.

He noted that IFC, a member of the World Bank Group, is offering finance and loans for investors of the private sector as well as for small and medium-sized enterprises (SMEs) from Egypt and other countries. The international institution can create partnerships in different businesses, he added.

IFC financed in Egypt a number of projects, such as Sonker’s project for constructing and operating a bulk-liquids terminal in Ain Sokhna, with $110 million out of the $500 million total investment volume for the project.

IFC has funded 13 renewable energy projects at an aggregate value of $830 million in the Suez Canal Economic Zone (SCZone).

IFC approved in July an investment of $635 million to construct, operate and maintain up to 11 solar power plants in Egypt.

At the end of November, Makhlouf announced that IFC’s investments in Egypt were increasing to one billion dollars within the coming period Over the past two years, IFC has invested $723 million in Egypt.